BRANCH COUNTY, MI (WTVB) – With oil trading Wednesday morning at $111 a barrel as the Russian-Ukraine conflict intensifies, gas prices around Branch County continue to surge.
The web site www.gasbuddy.com says there was a price spike up to $3.79 at a couple of Coldwater stations.
Prices around the Coldwater area were mostly between $3.49 and $3.59 a gallon as of Wednesday morning but don’t be surprised to see those prices increase over the next day or two.
The average price for gas around the country has risen for nine straight weeks. The Triple-A national average price for regular stood at $3.65 as of Wednesday morning which is a 12 cent increase in the last week and 26 cents higher than a month ago.
The Russian invasion of Ukraine has caused gas prices to surge as Russia is the world’s third-largest oil-producing country.
Patrick De Haan is the head of petroleum analysis at GasBuddy and he had a grim outlook for the near future in his Monday blog.
He said, “The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world’s second largest oil producer, leading to less supply as demand grows. That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future. In addition to the unstable situation with the Russian invasion, we’re also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. It’s simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon.”
That would put gas prices well above $4 a gallon heading into the summer driving season.
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